The Aberdeen-based Wood Group energy services company has been awarded a five-year, multi-million-dollar contract by Total.
In its contract with the French multinational, Wood Group PSN will deliver engineering, procurement, construction and commissioning services to four offshore assets and two onshore facilities in the UK Continental Shelf.
The contract won by the production services facilities and network division includes the option for two, one-year extensions and continues the division’s 12-years of providing services to the Alywn, Dunbar, Elgin and Franklin platforms and the St Fergus Gas Terminal.
It also covers support for the Shetland Gas Plant facility for Laggan Tormore, which is to start production later this year.
Dave Stewart, UK managing director of WGPSN, said: “Our knowledge and in-depth understanding of this key client’s needs, and our strong commitment to working safely, collaboratively, innovatively and efficiently to maximise productivity of these assets, helped us to secure this contract.”
Meanwhile, Ithaca Energy sustained a heavy loss in 2014 as its revenue was hit by the falling oil price in the second half of the year.
The pretax loss was $332.5 million, compared with a $40.2m profit a year earlier, and was driven by a $441.5m charge for the lower oil price.
Revenue fell to $378.6m from $413.9m, as a rise in production to 10,900 barrels of oil equivalent per day from 10,400 barrels a year earlier was offset by a fall in its average realised price per barrel to $97 from $107.
Ithaca’s production has increased to more than 12,500 barrels per day in the first quarter of 2015, in line with full-year production guidance of 12,000 per day.
Operating costs have been brought down to around $40 per barrel in the first quarter, with scope for a further reduction.
The company’s development drilling programme at the Stella project in the North Sea is close to completion with production due to start next year.
Les Thomas, chief executive, said: “In 2014 we took significant steps to build and strengthen our business, growing production and reserves, while diversifying our debt structure.”
* Enegi Oil, with operations off Canada, Ireland and the UK, reported a loss of £1,083,000 for the six months to the end of December, a decrease of £198,000, due to reducing overheads.
CEO Alan Minty said: “The significant opportunities afforded by marginal fields, particularly in the current climate, remains the company’s focus.
“Our offering requires expertise across a broad spectrum of disciplines, and we are looking to build a consortium of established industry partners, with discussions well advanced in a number of cases, to deliver this.”
* Trap Oil the UK oil and gas exploration, appraisal and production company has saved $4 million by renegotiating its contract with BW Offshore for the Athena floating production, storage and offloading vessel in the central North Sea.
The Athena Consortium will make an advanced payment of a demobilisation fee, and from June
will share net cash flow from the field with BW Offshore.
Marcus Stanton, non-executive chairman, said: “In light of the prevailing depressed Brent oil price, the Athena Consortium has taken prudent steps to renegotiate the terms of its existing contract with BW Offshore to mitigate its overall loss exposure.”